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Ipswich petrol price hits "eye-watering" record high

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Bad news if your tank is running low, petrol prices have hit a record high in Ipswich.

The average cost of unleaded has peaked at 174.8 cents per litre across the region on Thursday.

That's more than four cents higher than the previous record, set just last month. 

Renee Smith from RACQ says a number of factors are causing the eye-watering prices.

"We have global supply and demand issues when it comes to oil, a high terminal gate price, and we're in the expensive phase of the price cycle which is when we always say to avoid filling up if you can.

"Now is not the time to fill up unless you absolutely have to," says Ms Smith.

Some services stations are selling unleaded for 183.9c/l in Ipswich today.

Ms Smith recommends using fuel price apps to find the cheapest petrol near you, and is urging motorists to just top up the tank, and wait until prices drop before filling it to the brim.

She says while it's too early to tell for sure, there are concerns things could get worse.

"There are reports out there that we could reach $2 a litre before Christmas."